Waypoint receives court approval of $3.55 million sale of helicopter

By Caroline Salls

Pittsburgh, July 17 – Waypoint Leasing Holdings Ltd. received court approval of the $3.55 million private sale of a helicopter to Agrarflug Helilift GmbH & Co. KG, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The company said the helicopter in question is the only remaining asset of the Waypoint Asset Co. 11 Ltd. debtors.

The helicopter was previously encumbered as collateral under the debtors’ post-bankruptcy financing facility, but the DIP facility has been paid off and all liens have been released.

The proceeds of the helicopter sale will be used to satisfy any allowed claims against the Waypoint Asset debtors, and any excess value will flow to Waypoint Leasing (Ireland) Ltd., which holds all of the equity of Waypoint Asset.

Limerick, Ireland-based Waypoint is a global helicopter leasing company that provides operating lease and financing solutions to helicopter operators worldwide. The company filed bankruptcy on Nov. 25, 2018 under Chapter 11 case number 18-13648.

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